Bitcoin Just Surged to $6,500 After Over 10% Weekend Crash

In the past 20 minutes, Bitcoin has traded above $6,500, marking a rapid 12% gain from the $5,800 bottom seen on Sunday evening (UTC).

Due to this move, the BitMEX funding rate on the Bitcoin (XBT) contract surged by 990%, according to data from Joe McCann, a cryptocurrency trader and AI/cloud specialist at Microsoft. According to him, this means “bulls [are] getting levered up here,” potentially setting the stage for a long squeeze in the future.

Analysts are currently divided over what this means for the cryptocurrency; just 24 hours ago, many were charting a move to the low-$5,000s, citing the fact that it slipped below a number of supports as if it was a hot knife going through butter.

According to prominent crypto trader Flood, who called the recent move from $6,800 $6,200, Bitcoin is likely to retest $8,000 in the near future.